Texas SB708 amends the definition of "closing" for certain private activity bonds.

Texas SB708 modifies the definition of "closing" for purposes of certain private activity bonds. It specifies that "closing" means the delivery of a bond by an issuer in exchange for the required payment for the bond. For qualified residential rental project bonds, it includes the delivery of a bond in exchange for a partial payment for the incremental funding of the bond, provided the partial payment is at least 10 percent of the required payment. It excludes cases where the bond delivery is conditioned on obtaining credit enhancement.

Texas SB708 amends the definition of "closing" for certain private activity bonds.

Texas SB708 modifies the definition of "closing" for purposes of certain private activity bonds. It specifies that "closing" means the delivery of a bond by an issuer in exchange for the required payment for the bond. For qualified residential rental project bonds, it includes the delivery of a bond in exchange for a partial payment for the incremental funding of the bond, provided the partial payment is at least 10 percent of the required payment. It excludes cases where the bond delivery is conditioned on obtaining credit enhancement.